Bradford & Bingley liquidation cleared by European Union January 25, 2010 EU REGULATORS yesterday cleared the liquidation of failed British bank Bradford & Bingley after a request from UK authorities, which broke up and partly nationalised the lender nearly two years ago. Hit by a sharp rise in funding costs during the credit crunch, Bradford & Bingley sold its savings business and branch network to Spain’s [...]
We must learn from financial history January 24, 2010 SPEAKING to this newspaper last night, Lord Myners, the City minister, points out that banks’ proprietary trading and investments in hedge funds and private equity were “in no way central” to the problems which led to the global financial crisis. I agree: Barack Obama’s plan to ban banks with retail arms from those activities – [...]
B&B, Rock on cusp of bad bank merger January 24, 2010 PART-nationalised lender Bradford & Bingley is on the brink of receiving the go-ahead from the European Commission for its package of UK state aid, in a move that will pave the way for a merger of its toxic mortgage book with Northern Rock’s bad bank. A marriage of Bradford & Bingley and Northern Rock’s bad [...]
Mortgages: Lending to home buyers and businesses picks up January 21, 2010 GROSS mortgage lending in December showed annual growth for the first time since October 2007, the Council for Mortgage Lenders (CML) said yesterday. Total lending reached £13.7bn last month, a three per cent rise on December 2008 and a 14 per cent gain on November. Paul Samter, economist at the CML, said: “Evidence suggests that [...]
Home owners paying lowest mortgage interest in years January 14, 2010 BARRATT Developments, the housebuilder, yesterday said recent bad weather had led to a flurry of online enquiries as it reported stronger first-half trading, adding to hopes the worst is over for the sector. Chief executive Mark Clare said online enquiries more than doubled in recent weeks as a countrywide cold snap forced many people to [...]
Barclays wins Dubai foreclosure January 11, 2010 Barclays won Dubai’s first foreclosure cases yesterday, clearing the way for lenders holding $16bn (£10bn) of Dubai home loans to take action when borrowers don’t pay. Islamic lender Tamweel PJSC, the emirate’s biggest mortgage bank, estimates about three per cent of its mortgages are in default. Dubai’s property market recently turned sour after heating up [...]
House prices continue to strengthen in December January 7, 2010 HOUSE prices in the UK recorded their sixth consecutive monthly rise in December, data from the Halifax showed yesterday, though the mortgage lender expects prices to plateau over the rest of 2010. Prices rallied one per cent between November and December, bringing the cost of the average UK home to £169,042. December also saw house [...]
GMAC set to post $5bn loss January 6, 2010 BORROWERS unable to pay home loans have left car and home finance company GMAC Financial Services facing a fourth quarter loss of about $5bn (£3.12bn). GMAC, which has 15m customers worldwide, said yesterday the expected deficit would be due largely to charges related to its bid to write down or sell risky mortgage assets. The [...]
Bank buyers circle as Rock splits off unit January 4, 2010 THE race to snap up the good assets of Northern Rock heated up yesterday, with Virgin Money and National Australia Bank (NAB) emerging as the frontrunners. Clydesdale and Yorkshire Bank owner NAB is understood to have held meetings with potential advisers including Lazard, Citigroup, Credit Suisse and Morgan Stanley ahead of a potential bid for [...]
Rate of repossessions rises as housing recovery slows December 15, 2009 ALMOST 14,000 Britons lost their homes in the third quarter of 2009 as mortgage lenders increased the rate of repossessions, the Financial Services Authority (FSA) revealed yesterday. Repossessions rose 2.8 per cent on the same period of 2008, but the FSA pointed out that the 13,987 properties taken back by lenders was five per cent [...]